AS/A2 Economics (Markets in Action)

Put this together last year to revise my first OCR AS Economics unit, but given this year i'm also doing market failure, PED, XED, etc (in relation to Transport) this could also be good to refresh your memory :)

Slides in this set

Slide 1

The Economic Problem, Supply and Demand, and Solving Market Failure.…read more

Slide 2

Slide 3

Slide 4

The value of the next best alternative which is sacrificedwhen a decision is made.For example; Choosing to study at college/Going intofull time work. By choosing to go to college, theopportunity cost is [the money earned by] going intofull time work.…read more

Slide 5

These points are both efficient. To move from a to b, you would lose 10 cars and gain 5 boats. The opportunity This point is Cars cost is the 10 cars. impossible to 30 achieve unless the curve movesAt this point, the firm outwardsis specialising in Cars through: 1)Gaining more 20 a resources 2)Training workers This is inefficient as b 10 not all available resources are in use. Boats 5 10 15 At this point, the firm is specialising in Boats…read more

AS/A2 Economics (Markets in Action)

Put this together last year to revise my first OCR AS Economics unit, but given this year i'm also doing market failure, PED, XED, etc (in relation to Transport) this could also be good to refresh your memory :)

Slides in this set

Slide 1

The Economic Problem, Supply and Demand, and Solving Market Failure.…read more

Slide 2

Slide 3

Slide 4

The value of the next best alternative which is sacrificedwhen a decision is made.For example; Choosing to study at college/Going intofull time work. By choosing to go to college, theopportunity cost is [the money earned by] going intofull time work.…read more

Slide 5

These points are both efficient. To move from a to b, you would lose 10 cars and gain 5 boats. The opportunity This point is Cars cost is the 10 cars. impossible to 30 achieve unless the curve movesAt this point, the firm outwardsis specialising in Cars through: 1)Gaining more 20 a resources 2)Training workers This is inefficient as b 10 not all available resources are in use. Boats 5 10 15 At this point, the firm is specialising in Boats…read more